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Herc Holdings (HRI) Crossed Above the 200-Day Moving Average: What That Means for Investors
After reaching an important support level, Herc Holdings (HRI - Free Report) could be a good stock pick from a technical perspective. HRI surpassed resistance at the 200-day moving average, suggesting a long-term bullish trend.
The 200-day simple moving average is a useful tool for traders and analysts, establishing market trends for stocks, commodities, indexes, and other financial instruments over the long term. The marker moves higher or lower along with longer-term price moves, and serves as a support or resistance level.
Over the past four weeks, HRI has gained 37.1%. The company is currently ranked a Zacks Rank #1 (Strong Buy), another strong indication the stock could move even higher.
The bullish case solidifies once investors consider HRI's positive earnings estimate revisions. No estimate has gone lower in the past two months for the current fiscal year, compared to 4 higher, while the consensus estimate has increased too.
Investors should think about putting HRI on their watchlist given the ultra-important technical indicator and positive move in earnings estimate revisions.